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<br />to comply with the repayment provisions of this contract, and approved deferral of the <br />BORROWER'S May 2003 loan payment pursuant to 9 37-60-120(3), C.R.S. The approval <br />provided that the May 2003 loan payment would be deferred, the interest amount of the <br />loan payment would be added to the current loan balance, and the new loan balance re- <br />amortized over the loan's remaining 33 years of repayment. <br />I. The Manvel Canal and Irrigation Company ("Manvel") and the Highland Irrigation Company <br />("Highland") have been dissolved. The procedures for dissolving the Manvel and Highland, <br />as set forth in Contract Amendment No.5, dated March 10, 2001, were established to <br />ensure that the CWCB maintains its security interest in the water rights represented by the <br />shares of the Manvel and the Highland ("Manvel and Highland Shares"). <br />J. There are nine deeds of trust securing the collateral pledged by the Borrower to assure <br />repayment of the loan, seven of which are affected by the dissolution of the Manvel and <br />Highland. To combine all of the security for this loan on one deed of trust and one security <br />agreement and to secure one promissory note, the CWCB agrees to release its security <br />interest in all of the collateral for this loan including the water rights previously represented <br />by the Manvel and Highland Shares and the BORROWER agrees to reconvey a security <br />interest to the CWCB in the same collateral and additional collateral. The additional <br />collateral consists of water rights purchased by the BORROWER with loan proceeds <br />disbursed under other CWCB loan contracts but combined with this collateral due to the <br />dissolution of the Manvel and Highland. <br />K. The parties agree to amend the Original Contract to (1) defer the Borrower's May 2002 <br />and May 2003 loan payments, (2) release the CWCB's security interests in all of the <br />collateral forlhisloan, (3) reconveysec::utityinterests to the eWeB in an of the collateral <br />for this loan, including the water rights previously represented by the Manvel and <br />Highland Shares, and additional collateral, (4) execute and deliver the revised promissory <br />note and a deed of trust and security agreement that shall reflect all of the actions <br />implemented in this amendment, and (5) incorporate new clauses recently adopted by the <br />CWCB and the State Controller. <br />NOW THEREFORE, the parties hereby agree that <br />1. Consideration for this Amendment to the ORIGINAL CONTRACT consists of the payments <br />which shall be made pursuant to this Amendment and the ORIGINAL CONTRACT and the <br />promises and agreements herein set forth. <br />2. The parties expressly agree that this Amendment is supplemental to the ORIGINAL <br />CONTRACT and all terms, conditions, and provisions of the ORIGINAL CONTRACT, unless <br />specifically modified herein, are to apply to this Amendment as though they were expressly <br />rewritten, incorporated, and included herein. <br />3. The CWCB agrees to defer the BORROWER'S May 2002 and May 2003 loan payments and <br />the Borrower agrees that it shall resume repayment of the loan on May 1, 2004 in <br />accordance with the Promissory Note described in Paragraph 4.a below. <br />4. The BORROWER has executed the following documents, all of which set forth the revised <br />loan amount of $3,849,312.67 (the loan amount of $3,628,346.38 as of May 2001 plus <br />interest of $108,850.39 for 2002 and $112,115.90 for 2003) and a repayment term of 33 <br />years, and two of which (the security agreement and deed of trust) convey a security <br />interest to the CWCB in all of the collateral for this loan, including the water rights <br />represented by the Manvel and Highland Shares: <br /> <br />Page 2 of 4 <br />